PepsiCo to axe 3,300 jobs worldwide

PepsiCo is planning to cut 3,300 jobs globally after reporting a 9.5% fall in pre-tax profits for the three months to September 6. The move is part of its plan to save more than $1.2bn (£6.8m) over three years.

PepsiCo UK is currently undertaking a strategic review of its business, but would not comment on what changes it is expecting to bring in or how it will be affected by the job losses.

The global cost-cutting measures have been spurred by a drop in US soft drink sales, although overall group sales rose to $11.2bn (£6.4m) from $10.2bn (£5.8m) a year earlier.

The company, which makes Pepsi-Cola drinks, Walkers Crisps and Quaker oats, reported a net income of $1.58bn (£9m), compared with $1.74bn (£9.9m) a year earlier.

The planned job cuts represents just under 2% of the company’s global workforce.

In July, PepsiCo reported a second quarter net revenue increase in the UK and Europe of 24%, while operating profit grew 19%.

In Europe, snack volume grew 8%; beverage volume grew 20%, while Walkers in the UK also experienced single-digital growth.

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